INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 15 - Prospecting and mining rights  

SECTION 160ZZE  

160ZZE   DISPOSAL OF PROSPECTING OR MINING RIGHT  
Where -

(a) a taxpayer who:

(i) is carrying on or has carried on eligible mining operations within the meaning of Subdivision 330-B of the Income Tax Assessment Act 1997 , or has incurred transport capital expenditure within the meaning of Subdivision 330-H of that Act; or

(ii) has carried on prescribed mining operations within the meaning of Division 10 of Part III of this Act or prescribed petroleum operations within the meaning of Division 10AA of that Part, or has incurred expenditure to which Division 10AAA of that Part applied;

disposes of an asset in respect of which, or in respect of the acquisition of which, the taxpayer has incurred expenditure of a capital nature to which Subdivision 330-A, 330-C or 330-H of the Income Tax Assessment Act 1997 applies or Division 10, 10AAA or 10AA of Part III of this Act applied; and

(b) the disposal has effect for the purposes of a provision of this Act other than this Part as the disposal of several separate assets,

the disposal shall be deemed for the purposes of this Part to constitute the disposal of those separate assets and the consideration in respect of the disposal shall be apportioned in the same manner as it is apportioned for the purposes of this Act other than this Part.